The Department of Business Development (DBD) at the Ministry of Commerce has joined forces with the police Central Investigation Bureau (CIB) to combat the rise of corporate mule accounts and nominee operations. This collaboration comes in response to Prime Minister Paetongtarn Shinawatra’s directive to crack down on cybercrime, with a specific focus on targeting corporate mule accounts frequently utilized by criminals to receive illegal funds, as stated by Karom Polpornklang, a deputy spokesman for the Prime Minister’s Office.
To strengthen their efforts, the DBD and CIB have signed a memorandum of understanding to establish a collaborative framework aimed at identifying and addressing the creation of corporate mule accounts and the use of nominee services to shield the identities of those involved in criminal activities. By pooling together their resources and legal authorities, the two agencies aim to enhance both preventive and punitive measures to effectively combat criminal activities.
According to Mr. Karom, there has been a noticeable increase in fraudsters registering corporate entities to open mule accounts. These accounts serve as conduits for receiving funds from individuals who have fallen victim to scams, often orchestrated by fraudulent call centers. Most recently, authorities uncovered 602 corporate mule accounts that were linked to losses amounting to over 680 million baht.
In a separate operation, the Department of Special Investigation (DSI) conducted a raid on 21 safety deposit boxes at commercial banks in Lop Buri province, revealing assets worth approximately 300 million baht that were tied to money laundering activities carried out by the “Mae Mon” online gambling network. Among the seized assets were gold, land deeds, jewelry, and 15 million baht in cash.
As part of the intensified crackdown on financial fraud, banks have also begun sharing data to assist in these efforts. By exchanging information and collaborating across various agencies, authorities are working towards creating a more robust system to combat the growing threat of corporate mule accounts and other illicit financial activities. The concerted efforts of the DBD, CIB, and other relevant agencies signal a strong commitment to safeguarding the integrity of the financial system and protecting the public from falling victim to financial scams.
